JPMorgan Dominates US Banking Industry Despite Crisis
TL;DR Summary
Citi's investment banking operations underperformed compared to JPMorgan's in Q1 2023, with the exception of debt capital markets and fixed income currencies and commodities. Citi's equities sales and trading and ECM bankers did particularly badly in revenue terms year-on-year compared to JPMorgan's. However, Citi's FICC sales and trading reflected strength in macro, where its revenues rose 13% YoY. Citi continued to add investment bankers and technology staff in the first quarter.
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